Gas giants claim that Australia's opposition plan to reserve supplies may worsen the shortage
Gas giants around the world said that a proposal made by Australia's coalition of opposition to force producers to divert more gas from exports into the domestic market in an attempt to win votes would discourage investment and not solve the looming gas shortages. The conservative Liberal-National Coalition has pledged to lower power bills by implementing a gas reservations scheme.
Prices for EUROPE GAS remain stable as the storage needs continue to support them
Dutch and British wholesale prices for gas were slightly higher on Monday morning, but are expected to be more volatile this week due to the milder weather being offset by the necessity to replenish storages as peace in Ukraine is still elusive. LSEG data shows that the Dutch front-month contract rose 0.60 euros to 41.00 euros per Megawatt Hour (MWh), which is $13.01/mmBtu by 0850 GMT.
Slovak SPP: Gazprom will increase gas supply through TurkStream in April
The CEO of Slovak importer SPP Vojtech Ferencz, who spoke to reporters on Monday, said that Russia's Gazprom would substantially increase its gas supplies to Slovakia via the TurkStream pipe from April. SPP reported last month that Gazprom started supplying gas again to Slovakia at the start of February using volumes donated by Hungary for the TurkStream pipeline.
Shell plans to deliver gas from Venezuela to Trinidad by 2026, according to sources
Shell Plc aims to start producing natural gas in Venezuela's Dragon field and export it to Trinidad and Tobago, an hour earlier than the initial 2027 start date. The project demonstrates the industry's hope that sanctions against Venezuela will remain in place despite recent tighter enforcement. The people stated that the partners intend to begin survey work in January and decide to drill three wells.
Prices of gas in Europe rise following agreement on energy ceasefire
Dutch and British wholesale prices of gas rose on Wednesday, bouncing back from the previous day, after Russian President Vladimir Putin agreed to temporarily halt attacks on energy infrastructure but did not agree to a complete ceasefire. According to LSEG, the Dutch front-month contract had risen by 1.41 euros at 42.13 Euros per Megawatt Hour (MWh) as of 0922 GMT. The May contract also rose by 2.08 Euros to 42.60 Euros/MWh.
Ukraine purchases US LNG from Poland's Orlen
Naftogaz, the state-owned energy company in Ukraine, announced on Tuesday that it had purchased 100 million cubic meters (mcm), of U.S. LNG. This month, a senior Ukrainian energy official said that Ukraine could import large volumes U.S. Gas this year via terminals located in Germany, Greece and Lithuania. The fuel will be a shipment from the United States.
Azerbaijan’s oil production in January and February is down 6.3% on an annual basis
Parviz Shahbazov, the Energy Minister of Azerbaijan, said that the oil production in the first two months fell 6.3% compared to the previous year. According to the Minister, oil exports between January and February dropped from 3.9 millions tonnes to 3.7 in 2024. Azerbaijan’s oil production is on a downward trend since its peak in 2010. Minister also…
CERAWEEK - IEA chief sees investment needed in existing oil and gas fields
Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched. He said, "I would like to be clear... that there will be a requirement for investment.
Statkraft, Norway's largest steel producer, reports a drop in profits and says that politics may have an impact on costs
Statkraft, a Norwegian company, reported a 56% decline in its fourth-quarter operating profit despite soaring power prices. Statkraft also warned that trade wars may increase the cost to build generation capacity. Statkraft's earnings before interest and taxes (EBIT) dropped from 11.5 billion Norwegian crowns to 5.1 billion Norwegian Crowns ($459m) a year ago.
Trinidad seeks extension of Shell's gas project for Venezuela
Sources close to the preparations have said that Trinidad and Tobago intends to ask U.S. president Donald Trump's government to extend a licence for Shell and Trinidad’s National Gas Company in order to develop a major gas project in Venezuela. Early 2023, the U.S. license for Venezuela was granted as an exception to Washington's sanction against Venezuela.
Russell: Asia LNG imports to fall to 22-month low due to Europe's surge in prices
In February, Asia's LNG imports will likely drop to their lowest level in almost two years while Europe's are expected to reach the second highest levels on record. Buyers are turning away from expensive spot cargoes that have prices that are at least 50% higher this year than they were last year. The milder than usual winter in much of North Asia…
ExxonMobil’s Esso, Mitsui and Woodside to Invest $200M in Gas Project Off Australia
ExxonMobil’s Australian subsidiary Esso Australia Resources and its partners have announced a nearly $200 million investment in the Kipper 1B project which will bring online additional gas supply from the Gippsland Basin.The project, which was approved by Esso Australia, and its co-venturers, MEPAU A (Mitsui), and Woodside Energy, will utilize the…
Russell: Asia LNG imports to fall to a 22-month low due to Europe's surge in prices.
In February, Asia's LNG imports will likely drop to their lowest level in almost two years while Europe's will surge to the highest levels ever recorded. Buyers are turning away from expensive spot cargoes that have prices at least 50 percent higher than they were last year. The milder than usual winter in much of North Asia also dampened the demand…
EUROPE GAS - Prices stable amid ample supply and milder weather
The European and British gas contract prices were mostly unchanged on Friday, despite the milder weather forecast. Supplies from Norway and LNG are also steady. There is still uncertainty about future Russian gas supplies in the event of a peace agreement with Ukraine. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.09 euros to 47.51 Euro per Megawatt Hour (MWh)…
EU wants more US gas and renewable energy to replace Russian supplies
The EU energy commissioner said that the EU will look to other countries, including the U.S., to supply more gas to replace Russian supplies and to expand renewable energy to reduce its reliance on fuel. In response to Moscow's invasion of Ukraine in 2022, the EU has committed to stop using Russian fossil fuels before 2027. Despite a decline in Russian pipeline gas supplies…
Moldova names new Energy Minister
Dorin Dzungietu, a gas industry expert from Moldova, was appointed as the country's new Energy Minister by President Maia Sandu on Wednesday morning. He was sworn into office at the Presidential Office. Junghietu replaced Viktor Parlicov who was fired in December after failing to prepare for a possible stoppage of gas supplies for Moldova's separatist…
Draft shows EU will work to more flexible filling targets for gas storage
A draft EU document revealed that the European Commission would work to develop more flexible targets so EU countries can fill their gas storage before winter. This follows concerns from some governments about Europe's strict deadlines for filling up. In 2022, after Russia cut gas supplies to Europe, the European Union introduced its current targets. Member countries must fill their storage caverns up to 90% capacity by November.
In the shadow of tariffs, Europe's markets can benefit from a ceasefire in Ukraine
The markets have bet that a ceasefire agreement between Russia and Ukraine will ease the pressure on energy and euro prices, and also reduce the impact of increased U.S. tensions. Meanwhile, expectations about defence spending has already sent stocks in this sector soaring. Marco Rubio, Secretary of State, arrived in Saudi Arabia Monday to discuss with Russian officials. President Donald Trump ordered U.S.
Spot prices drop on increasing wind power supply
European spot prices fell on Monday for Tuesday, as a rise in wind power production across the region is expected to exceed demand increases. LSEG data shows that the German day-ahead electricity price was 135.75 Euros ($142.29 per megawatt hour (MWh), down 9.5% on Friday's prices for Monday. LSEG data shows that the French baseload electricity price for Tuesday is 129.50 Euros/MWh.
Breakaway Moldovan Region claims it received gas supplies backed up by Russian loan
Separatist authorities announced on Friday that the pro-Russian Transdniestria region of Moldova, which is a breakaway region, has begun receiving gas under a Moscow loan. Transdniestrian leader Vadim Krsnoselsky stated in a Telegram statement that the Russian loan assistance as well as cooperation with Russia's Ministry of Energy made gas deliveries possible.
